emini 6th September 2018 – from Chartprofit
w/e 24th Aug SPY broke above the January high and has so far held that level. Significant Selling has not been marked for 26 days despite the last four session bars printing lower highs and lower lows. The Pulse Chart shows positive breadth and price momentum.
Dayframe: Wednesday’s session generated a lower Value Area entirely below 2897.50, the minor (19day) poc, see yesterday’s comments.
Stocks>50dyma numbers: Nyse 56% (from 54%), Nasdaq 56% (from 55%), R2000 58% (from 56%). Numbers >50 are supportive.
Sentiment: My version of the Rydex Assets Ratio was higher at 27.43. There is only one ratio higher than this in the database and that was 27.55 recorded on 01/30.
Bonds: TLT – A sharp decline for TLT on Tuesday leaves the chart below 121.00, the major poc, in a weakened price location.
Dollar Index: The major poc is at 94.80. Last week the chart tested that level but is printing above that Support.
Gold: GLD – on 05/11 there was a rejected probe into 125.23, the 4mn poc, and chart fell sharply from there. The major poc is at 121.00 and this Support was broken 06/19.
Oil: USO – As long as chart holds above 12.79, the 12mn Support it is in a LT strong price location.
GBPUSD: The major poc is at 1.3170 and there was a rejected probe into that level in late July. Chart remains in a weak LT price location below 1.3170.
EURUSD: On 08/15 the chart printed its lowest level since July 2017. There was a strong rally back from there but it did not see EURUSD above 1.1755, the 1year poc Resistance. If chart prints below that level it remains in a weak LT position.
USDJPY: the major poc is now at 111.30 and chart is currently printing very close to that level.
